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Amazon's Earnings Beat Expectations, But Sales Fall Short; Revenue Growth Of Just 17%; Shares of the online store tumble 8% in after hours; free shipping seen as costly.(INTERNET & TECHNOLOGY)
Byline: PETE BARLAS
Amazon.com got a mixed bag from Santa Claus in its holiday quarter.
The online retailer on Thursday reported fourth-quarter earnings of 26 cents a share -- excluding one-time items -- up 8% from 24 cents in the year-ago period. That topped analyst expectations of 21 cents.
But sales rose a disappointing 17% to $2.98 million in the quarter -- the company's slowest quarterly increase in years. Wall Street had expected a rise of 21% to $3.08 billion.
Amazon officials blamed foreign exchange rates for some of the slowdown. Sales otherwise would have risen 22%, they said.
Still, investors clearly wanted a better fourth quarter, which is Amazon's biggest sales period. Shares of the company tumbled more than 8% in after-hours trading Thursday.
Amazon faces many challenges, analysts say. Free-shipping offers have driven up its costs, eating into profit margins.
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